Its a pressure vessel, that failure especially looks like a combination of metal thinning due to rust in one way, but also of fatigue.
Every time that compressor cycles, you are making fatigue get slightly worse. Like an airplane, I doubt it matters how long its pressurized for, but how many times. So if this was the primary failure mode, draining every day may not be the right move.
I personally don't use my compressor that often, and I drain it periodically when I use it a lot, especially in damp environments. Otherwise it's got a near perfect seal with a ball valve on the outlet and I leave it pressurized.
You can sonic check, but when do you decide it's dangerous?
Other thing is, there are millions of these things out there and how many blow up a year? 100?